The popularity of traditional wooden products has boosted demand for wood in furniture and other related manufacturing industries in India. People have begun to use wood for furnishing cupboards, decorating, and other uses in the home over the last few years, which has expanded the use of wooden products in the home. Aside from that, demand for engineered wooden products is increasing in major cities such as Delhi, Mumbai, and Bangalore. The answer for this is that ready-to-assemble home furniture is becoming increasingly common in these cities. The availability of engineered solid wood across different distribution networks makes purchasing wooden items attractive for customers. Furthermore, demand for modular and stylish furniture is increasing in India's metropolitan areas. The rapid growth of metro cities and the expansion of the housing market are transforming people's living standards and lifestyles. The growing trend of modular and trendy furniture for home décor and furnishing is one of the main reasons for India's wooden products industry's development.
Apart from wooden carved products such as furniture and other home decors, demand for wooden antiques and toys is also rising with the government opening new paths for locally made products instead of importing Chinese and other plastic products. Manufacturers of lumber, cabinets, wall panels, mouldings, and floors tend to have an imminent opportunity to sell directly to Indian contractors, architects, and interior designers. There may be some options for businesses to set up shop for high-value prefabricated wooden doors and windows, but caution must be exercised in choosing the best local partner. Hardwood floors are common in luxury hotels, while laminate floors are common in inexpensive hotels.Indian wooden handicrafts and furniture production is another exciting emerging market. Rising certification criteria, as well as reduced and declining quality supply of domestic species, are pushing Indian traders to consider alternate hardwood species, not only for domestic furniture and interiors, but also for re-exports of value-added goods (handicrafts and tools).
During the forecast period of 2016-2023, the market is projected to develop at a Compound Annual Growth Rate of 12.91 percent. The rising trend for modular and state-of-the-art furniture among the population living in urban areas, increasing urbanisation in Indian states, and the demand for sturdy and hybrid seating furniture are all driving the growth of the Indian wooden carved?? products industry. Furthermore, India's expanding wood industry helps to offset the cost of furniture. The wooden industry in India is expected to develop as a result of these factors. Furthermore, India's growing trend of online and mobile shopping is expected to boost demand for furniture and related wooden products through online channels.
Furthermore, India's rising real estate market is projected to fuel demand for modular wooden products like furniture, timber, toys, etc, in Indian cities. Aside from that, increasing retail investment by numerous national and foreign entities is expected to support the growth of the Indian wooden products industry. Furthermore, technical advances such as the launch of high-speed broadband networks such as 4G and expanded use of smart devices are improving India's e-commerce market and providing a space and platform to the local talented handicraftsmen to showcase their talent, not confined to any region in particular but across the globe. The tourism and hospitality industry in India is booming, with hotel chains expanding their footprint into smaller cities as air access improves, opening up more options for leisure and business travel. An increasing number of hotels are moving from carpeting to wooden flooring. The floorings are easy to mount and come in a wide range of styles. Keeping these factors in mind, it is safe to conclude that wooden carved products industry is loaded with opportunities and profitability.
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